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5 Written questions

5 Matching questions

  1. Daily journal
  2. Subsidiary
  3. Disbursement journal
  4. Disbursement journals must show
  5. Accounts payable
  1. a Supporting other documents or records.
  2. b Debts incurred and not yet paid.
  3. c usually consists of a section at the bottom of each day sheet and a check register page at the end of each month, plus monthly and annual summaries.
  4. d - Every amount paid out.
    - Date and check number.
    - Purpose of the payment.
  5. e is the chronological record of the practice.

5 Multiple choice questions

  1. 1.45%
  2. recording, classifing, summarizing, and interpreting financial statemends.
  3. Federal Unemployment Tax Act
  4. is a record that is used to make payments.
  5. IRS

5 True/False questions

  1. Balance sheetA financial statement for a specific date that shows the total assets, liabilities, and capital of the business.

          

  2. amount sufficient for the petty cash fund.$25 to $50

          

  3. Single-entry systems requireis very basic and usually is used in small business. They are inexpensive, easy to us, and require lettle training.

          

  4. The best way to begin a budget is to look at the expenses from theprevious year

          

  5. Statement of income and expenseA summary of all income and expenses for a given period.

          

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